this post was submitted on 28 Nov 2023
128 points (97.8% liked)
Technology
59197 readers
3117 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
SYDNEY, Nov 27 (Reuters) - Australia's government said on Monday it would bring Apple Pay, Google Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week.
Digital wallets from the likes of Apple (AAPL.O), Google (GOOGL.O) and WeChat developer Tencent (0700.HK) have exploded in popularity but are not captured by Australian payments law.
"We are modernising Australia's payments system to ensure it meets the needs of our economy now and into the future," Treasurer Jim Chalmers said in a statement.
"We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation and productivity across our entire economy."
Legislation is set to be introduced on Wednesday or Thursday, according to Chalmers' office.
The amendments will also give a relevant minister power to subject a system or platform to special oversight in the event it presents a risk of "national significance."
The original article contains 251 words, the summary contains 168 words. Saved 33%. I'm a bot and I'm open source!